They are different.


  • Write bigger checks
  • Pay higher prices, on an absolute basis; and
  • Invest more quickly.


They are optimized around $Billion+ exits.

More regional VCs, and most non-U.S. VCs, by contrast are optimized around $50m exits as a traditional model.

That’s a world of difference. Investing around $50m exits means smaller checks, smaller total fundraises, and often, a slower process. But it also means a lot of companies can get funded than don’t fit the $1b+ model.

The worlds are converging. What Accel Europe, Atomico, Index, etc. do in Europe is basically the same model as “Silicon Valley” big firms.

And there are plenty of VCs in Silicon Valley, especially at small firms, that don’t need $1b+ exits to win.

But mostly, that’s the big difference.

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